Kathmandu. Due to being unaware of the amount to be paid from the life insurance company, a large amount of money that the insured or beneficiary has to receive has been lying in the insurer’s account for years.
According to Nepal Insurance Authority, fiscal year 2080. By the end of 1981, the remaining amount has reached Rs 1.19 billion after paying for more than one year under various claims.
This issue has also been included in the 62nd annual report of the Office of the Auditor General. According to the data provided by the Insurance Authority to the Auditor General, such a large amount of full maturity claim, death claim, paid-up claim, living benefit, partial and periodic claim from the life insurance company has been in the life insurer’s account for more than a year.
According to the report, the company has been using rs 373.79 million in the remaining amount to be paid after the maturity of life insurance. The report states, “The Insurance Authority does not seek information from the insurer about the reason for non-payment and the insurer is responsible for the delay in payment of insurance claims, so the insurer should monitor and give necessary instructions in this regard.” ’
In particular, life insurers have a tendency to collect insufficient information in the proposal form of the insured, enter insufficient information in the insurance software, including the address of the insured and the desired person, contact number, e-mail address, etc. Apart from this, the old life insurer has not been able to confirm whether the insured is alive or there is no beneficiary even though the details of the insured’s contact address have not been updated in time.
In addition, life insurers do not disclose information about the insured to receive payment for mature claims. Life insurers, who are accused of taking advantage of the interest income by depositing the amount in the account, have not mandatorily published the information of mature claims on the website along with the name and insurance number of the insured. Among the licensed life insurers, Only Met Life Insurance has regularly published the list of mature insurance numbers on the website. Such information is not found on the rest of the websites.
